Significant AMI win on FCA fees

AMI made a series of objections in responding to this year’s FCA fees consultation.  As one of only two organisations to object to the additional consumer buy to let (CBTL) fees, AMI is pleased that the FCA has agreed to remove the CBTL periodic fee and the CBTL FOS levy for already authorised firms.  This means that our members will not have to pay an extra £235 per year for an activity they are already carrying out.

The FCA has gone some way to reducing the burden on small mortgage brokers.  However consumer credit continues to be in addition to the minimum fee.  AMI fundamentally believes that consumer credit activities should not require mortgage intermediaries to hold a separate permission as they are already accountable under both the broader FCA principles and specific conduct rules.

Although the majority of intermediaries will pay the minimum fee, there will be a significant bill for the largest firms who will bear all of the £1.2 million increase.  We are disappointed that the FCA has failed to give a full justification for the amount being levied on the sector.